Bitcoin Forum

Well, don't you think if the whole world is dominated by cryptocurrency or bitcoin, then some people will face a huge problem?
  I have discovered some of the reasons for this. For example- 

1. When virtual currency or crypto-currency reigns all over the world, the banking system will be miserable, and a group of people (who do not know about crypto-currency or bitcoin) will be unemployed all over the world, who till now were working at the convenience of various banks.

2: Unemployed people (due to a lack of knowledge of currency requirements or benefits) will not be able to handle this shock in the first place, due to which they will face various financial, lateral, physical, and mental problems, which is a big challenge for them. 

3: Many developing or underdeveloped countries (especially those with low leverage) will consider cryptocurrency a curse rather than a blessing due to their lack of proper understanding of its importance.

4: I have seen among my acquaintances who still cannot fully trust the bank (banking is some kind of rigging or fraud) and therefore leave their valuable assets (gold or money) on their own instead of depositing them in the bank. For those who do not believe in banks, how exactly will they accept this currency system?

I might be wrong, and I don't know much about advanced technology, crypto, or bitcoin yet, so please don't take my questions negatively.
 In fact, all these questions have been created from the thoughts that I have presented here.

I think you are only looking at the downside of the possibility that's can happen but I would like to remind you that fiat wasn't actually the first currency in use from the first period of time and still humans adapted to it and have since used it despite the disadvantages that it first pose during its adoption in the world.

Change is a constant thing in life and thats what no one can fight although am not sure of whether bitcoin can take over the world but if eventually it does then I think the impact of positivity will be more than disadvantages.

It will be very difficult for Bitcoin to replace all the fiat currencies in terms of usage. Bitcoin is an innovation that offer some improvements to the conventional system of finance.  It was not created to completely replace fiat but offer another alternative.

Just like the Internet, Bitcoin is a revolutionary innovation that offers new ways of life... and even as widely accepted as the Internet is, not everyone in the world still have access to it yet they are surviving.

So do not allow the fear of change make you think that Bitcoin will destroy employement opportunities becaue many employements have been created through Bitcoin and many will still follow.

Defining domination of the entire world will help us a lot. Bitcoin still cannot have scalability for all daily transactions. In fact, any decentralized system will fail in this and therefore second layer solutions and a lot of development will be needed before we reach this stage, not to mention that this will require For years until we reach trillions of dollars in market capacity, which may happen after 10 years, 20 years or more.
Therefore, when that time comes and technology develops, many things will change about our current world, and therefore we cannot rely on the values ​​that exist now to predict the future.

What do you think about the last 3 years pandemic where most people don't know how to use zoom and working from home? it's called as transition phase!

If a country is really need and adopt Bitcoin, it will force people to learn about Bitcoin. There's no such "can't able to learn", they're either lazy and denying from big change.

If banks are bankrupt and there are many unemployed people, that mean there will be a lot centralized exchanges and they can work here, what's the problem?

The problem of developing countries is they lack of water, healthy food, transportation, internet connection and good government. Now you're exaggerating they must use Bitcoin, Bitcoin is just a currency, not something that everyone must have.

Has this stop the new and innovative ways of doing things from taking over the old fashion way. The world is constantly evolving, we have to move with the flow and learn new skills so we can stay employable. The bankers just have to learn new skills and they'll be good.


Developing and underdeveloped countries are those that'll benefit more from the adoption of Bitcoin. The lack of understanding can easily be addressed by enlightenment program been organized across the country so this isn't a problem and when the benefits of Bitcoin adoption are been understood by them they won't see Bitcoin as a curse but a blessing.


People don't trust the bank because they know the banks are controlled by the government but Bitcoin isn't control by the government but puts the power over your finances in your hands. It'll be easier for people's that distrust the banks to trust Bitcoin because they'll see the difference between the two currencies.

Unemployment exists in all countries in the world and the cause is because there are no available jobs. In fact, the employment problem is a classic reason that is brought to describe the causes of unemployment. For me, another cause of unemployment is because human resources are not diligent enough to utilize the existing potential as a source of income.
When the world is dominated by everything digital, on the positive side it will make things easier.
Bitcoin is part of a currency that can be useful, not a big problem.

Any major change brings both new opportunities and devastation to those who represent whatever the change is replacing. That's why it's important to have measures that will ensure that people who are suddenly suffering from the change receive support to adapt to the new normal. But let's see the specific points the op raised.
1. Banks won't necessarily be miserable, they'd just have to rebrand and provide services of crypto holding. Some people will always choose centralized services because they don't want the responsibility of securing their own funds, making sure they can restore access if they lose it, etc.
2. Some people would probably lose jobs, but that's where unemployment benefits come in, and perhaps special programs to retrain people who were employed in the industries that are no longer relevant would be required.
3. Actually, there doesn't seem to be a correlation between the strength of the economy and attitude toward Bitcoin. Some strong economies embrace Bitcoin, some weak economies are against it, but the opposite is also true.
4. Those who don't trust the banks would be delighted to know that they can hold their own cryptos in non-custodial wallets, and they don't have to trust anyone but themselves this way.

If bitcoin will end up gaining true mass adoption, it won't happen in a single night — it will likely be slow. The question is just that will you be among the first out the fiat door, or last.

But yes — with literally any decent shift in society, there will always be people that will flourish, and people that will be unfortunate. There's no way around it.

As the technology advances over time, there's a lot of people that are left behind with the knowledge causes for them can't keep up and lose the benefits they could get like for example for the adoption of Bitcoin. For sure in a long run people could still manage to learn how crypto industry works by exploring it in the meantime. Still there's a number of people that are confused about the system of Bitcoin, so employment rate would be affected as well the economy of a country. While for the banks I think they could still manage when Bitcoin started to get mass adopted, cause here in my country PH, There's already banks that are open and acknowledging crypto which gave them a high rates and good feedback. Some banks would take time to do the same as well as they gather more information about Bitcoin if they can't handle the volatility.

If not majority of people are using Bitcoin, then you can't say that Bitcoin is dominating the financial world. And if there's no Bitcoin majority, then there will be no problems that you are describing - that some people will be left out, etc.

Like you correctly spotted - the "unBitcointed" people could be the future version of today's "unbanked". But the fact that people today are unbanked isn't a big problem. They somehow continue to live their lives, many are unbanked by choice.

The world will continue its spins without Bitcoin or cryptocurrency and you can live well without it. There are even people who dislike Bitcoin and cryptocurrency but their life just has never been worse or stopped.

What belongs to future will be adapted by people who live and work in future. It's not too hard to adapt if it is something relates to your jobs and income. When you must do it to maintain your livelihoods, you will do it even you dislike it.

Work from home, work remotely, you can do it during pandemic time and after the pandemic. I am sure people can do it with Bitcoin and cryptocurrency, if the time comes. Like how they have to do it with the Internet, Windows, Microsoft office ...

No, just because of crypto or bitcoin suddenly the number of unemployed will rise? Why not those who works on bank adjust and also joined the crypto? As the saying goes, if you can't beat them join them. And I doubt that the banking system will suddenly collapse. Why not them and crypto work hand in hand instead of thinking that they are going to be instinct?


Again, your argument is wrong, if you are talking about the unemployed or even those unbank, bitcoin will be the solution isn't it? Because they can't open a bank account due to lack of papers as banks ask a lot of information before you can open a account on them. But in crypto, you don't, just as little as a cellphone (who doesn't have a mobile phone in this generation?) and you will have crypto already.


I really don't understand your reasoning, it's on the contrary though, check countries that are underdeveloped or developing and come back and tell us how many of them are allowing crypto to be legal or at least in the gray area or not tagging crypto in general as illegal.

Some people are knowledgeable about Bitcoin but still rely on traditional banks. However, I believe there is a significant distinction between the two, and eventually, banks may adopt cryptocurrencies for other services.

Eventually, individuals will begin to adopt it and use it to their advantage.

Many countries will embrace crypto-currency once they understand its importance, and transition is not a curse. Transitioning can provide us with greater freedom, more opportunities, and numerous benefits.

If your acquaintances cannot trust banks, they will not trust this currency system. They continue to depend on either cash or gold.

Feel free to ask questions in this forum, but please search first since many questions from newbies have already been answered.

Maybe for cryptocurrencies other than bitcoin or altcoins this could happen. But in my opinion, you look at crypto, especially bitcoin, only from an opinion point of view that is seen from a negative point of view and not from a positive point of view. So although I can't deny that this could happen. However, I personally see crypto (bitcoin) in a more positive direction. Because in my personal opinion Bitcoin has a very good financial system and will also be far from cheating from any party, because Bitcoin has a decentralized system. Because as we know, if you look at the negative side of the current banking system, there are lots of frauds that often occur. For example, a manipulation system or an interest system that burdens customers. So even though currently the banking system has become commonplace for everyone. However, without these people realizing it, they have been cheated by the banking system.

Therefore, be it a banking system or a system that runs on crypto (bitcoin). Both have their own positive and negative sides. So if you think that if crypto (bitcoin) goes global and the results will be very bad, I personally think that opinion is very wrong. Moreover, as you have explained in your post, you still don't understand crypto or bitcoin, so to conclude this opinion, in my opinion this opinion is very inaccurate.

And based on the reasons you explain, this might happen if cryptocurrency (Bitcoin) quickly takes over the world's financial system. Because people will definitely be shocked and shocked by this. However, if bitcoin spreads slowly as is happening now, I am sure that society will be able to adapt to cryptocurrency (bitcoin) very well.

In general, the people are already bitterly facing the huge problems brought by the current monetary system. If Bitcoin will one day dominate the world, there'll be disruptions which might be interpreted as sheer havoc wreaked by Bitcoin, especially by its critics. The truth is that these will be minor ones as compared to the continuous damage caused by fiat. And these are necessary, too. But we surely won't be crying a river when the money printer operator would finally lose his/her job.


I think the banks won't go. Their roles may significantly change, though. Custodians will never be completely erased from the face of the earth. Plus there are also banking services that Bitcoin might not be able to replace. But, again, that the staff of banks will have to move jobs because of Bitcoin is never a heavy toll as compared to sticking with the status quo in which the people's currency is devalued nonstop.

 

Don't liken Bitcoin adoption to a bomb dropped from the sky. Why would people be surprised when the growth of Bitcoin is gradual? Right now, we're heading that way already. This has been going on since Bitcoin came into existence. It has been 14 years already. So, why would they be shocked when Bitcoin reaches a certain level of success? Bitcoin is a movement.   


Lack of understanding is easy to address. They only have to spare some time learning about it. Governments must have already heard about Bitcoin. They can easily invite experts to provide them better enlightenment. What's hard to address is stubbornly sticking to the fiat standard despite fully knowing how damaging and poor of a monetary system it is. The only way governments are closed-minded is when their leaders are benefiting so much from a rotten currency.


Gold and cash may be good but hard to keep. Moreover, they can easily be seized or stolen. They can also be damaged in many ways. They can't easily be moved anywhere, especially across international borders. They can easily be confiscated as well. As to cash, it might be replaced with a digital version sooner or later. As to gold, it can't be used as a currency. In which case, Bitcoin is much much better.

The proof is evident in how crypto has begun to be adopted by some banks. That means crypto is in a positive direction because indirectly institutions have given recognition. Even many countries are starting to use blockchain technology through CBDC.
Some new payment platforms using electronic media are also starting a lot even though the systems are different. Although later the scalability may encounter difficulties due to network density. Perhaps for those who understand and follow technological developments it will be easy to adapt.

This lies on the "IF" idea that crypto would dominate the world. And even if it did, it doesn't take into account that there's a huge gap in time between the now and the then instance of this happening. All of the factors OP said pretty much involve ignorance of what crypto is. Said gap in time is more than enough imo for people to learn crypto if the world was actually swerving towards to using it for the majority of transactions.

If it was idk, late 19s or something then it might be hard, but even now you'd be hard-pressed to find someone who would have a hard time learning the basics of something they want if they needed to, but now? The internet itself helps a lot already, imagine what other types of helpful tools can be developed by the time that crypto is deemed as necessary, if ever.

I believe this stems from the fact that you don't understand the condition of those countries, or you can't understand the context of their situation. For example, I never heard people in developing or undeveloped countries call Bitcoin a curse. Most of them believe it is an alternative to gaining wealth. While they can misunderstand how Bitcoin or crypto works in general, things can change easily in this day and age. In your second statement, why do you think people distrust the bank? Is it because they can't trust them to make sure their money won't be misused, or is there something else? I believe people who distrust banks would find crypto an exciting alternative.

Adopting Bitcoin even in large scale basis by the mainstream population does not really translate for banks to get closed out of business and resulting into a number of unemployed people. In my view, that thinking is very simplistic. Remember that banks have so many functions that Bitcoin could not cover...in fact many banks are now so diversified in their services all because they are also convinced that putting eggs in one basket can be a very risky proposition. Now, having said that, banks can now also be be dealing with Bitcoin and cryptocurrency acting as a broker using their name and reputation as a big leverage. We are a very diversified economy, there are so many thinks that banks can do in doing business and making sure they can pay their employees.

I'm a bit puzzled about how Bitcoin ruling the world could pose any problems for people. For that kind of scenario to play out, there would need to be an enormous demand for Bitcoin. And let's not forget, it's people who drive that demand. So, we can assume that people already understand the value and utility of Bitcoin, given this massive demand we're talking about.

What we're discussing here is more of an organic increase in demand, albeit a substantial one. It's not some pump and dump scheme meant to manipulate the market. So, I don't quite see how the statements of yours justify the result.

The Banking system have failed the people in so many ways, it is about time that there are some payback for them. In the previous economic crisis, Banks were bailed out by tax payers money and we just had to take it up the a$$.

A lot of industries have been disrupted by newer technologies and they just had to adapt or die... so the Banks just have to do the same. Let's forget about them, like they forgot about us.. when they harmed us.

1. No, the banking system won't be miserable. I have been into the belief that crypto or mainly Bitcoin is going to change the whole system and replace it. But I don't think that the government will allow that to happen, remember that they still have the laws and regulations on their hands and they understand that even without them, this community will go on and will have Bitcoin as a payment system but this time, more of an asset.

2. Well, unemployed people given that they don't have much financial things then it is for sure that they'll have problems related to it and as it dominates with other problems to occur. And I don't see the connection of it ever dominating or not the world as this problem has existed before even BTC existed.

3. Not a curse but for sure they're going to look at it as something that they dislike and the only thing they can do is to learn and adopt it so they do not get left behind.

4. It's easy to tell them that they can hold their own money and they're the keeper of it. The basic and common quote that everyone and platforms use is "you are your own bank".

Bitcoin was not created to make conventional banks obsolete. The reason for its existence is to be a financial alternative to fiat. People will always have the opportunity to choose between fiat and Bitcoin. every new invention also creates more job opportunities, so I don't think that the popularity of crypto will lead to unemployment. Even if banks become obsolete which is highly unlikely, the crypto space will create more job opportunities.

A lack of understanding of the crypto industry is not the main reason why many developing nations are not investing . The main problem is infrastructural deficit and poverty. Most developing nations don't have constant power and internet facilities for them to access the crypto space. Most citizens in these poor nations are focused on meeting their basic needs and pay little attention to investment. Due to poverty many of them don't have extra money to invest in Bitcoin.

Whatever work we do must be decided considering the current and future conditions of that work. Without proper knowledge about any job a person can face big problems in future with any job.  

All of us who are involved with Bitcoin have enough knowledge and understanding about Bitcoin. We have been involved with Bitcoin for a long time and by now we have a fairly good understanding of Bitcoin and its price movement. In addition to having a good understanding of the current state of Bitcoin, we also have a good idea of how Bitcoin will affect people in the future.
For those who think that Bitcoin can destroy the economic system of a country, I want to say that El Salvador has accepted Bitcoin as a legal document in their country. As their countries adopt Bitcoin, they are making more long-term plans with Bitcoin, and every year we see them moving forward to implement new plans.Whatever you say about Bitcoin, I want to say about Bitcoin that Bitcoin has eliminated the unemployment of millions of people. When you are unemployed after graduation society will talk bad about you instead of helping you and when you are starving with your family and no one will give you one meal I don't see anything wrong if I can earn money with Bitcoin.

In the region where I live, many boys are unemployed even after completing the highest education in the country, but after finding no job, they finally chose bitcoin, bitcoin investment, trading as their profession and now they are very happy and financially stable. They are in front of my eyes, I don't need to see anything else. All I will say is that Bitcoin will become one of the most popular currencies in the world at some point, even if it's a bit late, and I look forward to that day.

For me, I don't really believe that the possibilities of Bitcoin is to overcome the fiat currency in any ways, because fiat currency has been one of the major use in the world so even if Bitcoin is here to overcome fist currency then I still believe that people can still adapt to it because there have been other things the world was using when fiat have been in existence (that is before B.C) (https://en.m.wikipedia.org/wiki/History_of_money), so even if Bitcoin want to take of the fiat currency people can still adapt and things can still go well in the world.
Talking about employment, if Bitcoin took over fiat there would still be other jobs that people can do to make a living. I still believe that before Bitcoin might takeover the fiat currency, the world might have been more enhanced than the way it is now, so other good jobs will still be out there for people to make there money.

With the knowledge I have so far, I don't think that fiat will be abolished totally even though Bitcoin is adopted worldwide, as of now bitcoin remains a digital currency, the meaning of this is that, we can only see the figure and not feel it physically, if we must make use the figure, we have to convert it to fiat unless we are purchasing stuffs from dealers that accept Bitcoin as a means of payment.
There are people that are helpless in terms of the banking sector charges but those people still prefer banks because they don't believe that crypto is real, they see bitcoin as a scam without proper knowledge or information about the said currency, even though there is mass adoption today, some people will still continue to go the traditional banking way and I see this as a normal stuff, you don't force people to believe in what they do want.

It is people who have not been following the evolution of money that will think Bitcoin will lead to the abandoning of fiat.  Even in our world today gold still exist side by side with fiat, meaning new innovation only make improvement of what is in existence and most times does not eliminate same. In some parts of the world, trade by barter is still being practiced even though this is regarded as primitive. Truly Bitcoin will not eliminate fiat but will exist side by side fiat, offering people the opportunity to use which option is suitable for them as well as their purpose.

Many people are still reluctant to accept include Bitcoin payment as option because of some reasons that they feel will not help them meet up with their business planning and implementation, some of which include volatility of Bitcoin and unforseen circumstances such as the recent high transaction fees as a result of the congestion of mempool. 

I will say that Bitcoin is still a work in progress and will take it rightful place in finance, it is just a matter of time.

To put it bluntly, the possibility of cryptocurrency taking over fiat will never happen, it will only happen when the government is no longer the leader and controller of this world. But if that happens, our world will collapse, the world cannot exist without leaders. As long as governments exist, they will use fiat currency or whatever they control, they will never allow bitcoin or any other decentralized currency to take the place of fiat. Furthermore, bitcoin was not created to take over or completely replace fiat, it is just an alternative.

Let's not forget that the rise of Bitcoin isn't directly equivalent to the fall of the traditional banking system. I hope you understand that we haven't had mindblowing adoption yet, and if we did (right now), I hope you know that the Bitcoin blockchain is currently not able to handle such excessive transactions.

People will learn. Once it starts going viral, people will get interested in knowing what it is about and why one should use it, and hence, they will learn how to use it. Currently we have so many guides on the internet; articles, YouTube videos, etc.

These set of people are the ones who would even rush to accept Bitcoin. The centralization of traditional banks is one of the major issues people have. Aren't you scared to know that you could have $1million and the bank will lock it up just because they can? For someone who fears this and knows the many other things that banks are up to, they would definitely delve into Bitcoin because truthfully, for what they fear, Bitcoin is a better alternative.

Whilst I understand we, as a community, tend to overestimate the innovative and disruptive power of Bitcoin and blockchain technology in general I have a completely different view on whatthe future changes to social and economic enviromment that Bitcoin ( to cut it short, meaning with it all the innovation blockchain technologies are bringing) can cause.
I think "we" will always be just one niche or maybe a sector af the overall economic movement : there will always be industry , part of which will benefit, and are already benefiting of blockchain techs, traditional finance world that will do whatever is in ther possibility to keep their leadership with the help of govermennts and supragovernmental organizations, entertainment industry, stports , travels foods and moltitude of other activities that I can't even imagine right now that will keep on beeing needed  and will continue to exist despite how great the advent and affirmation of blockchain technologies will be.

I don't think so, Bitcoin as it is is just another mode of payment available to people just as PayPal,Cashapp, wise and the list is endless....so Bitcoin being the dominant coin would just limit peoples options.

Not sure which angle you looking at this from, but bitcoin alone can't solve employment issues as this is just a mode of payment or a store of value.

Humans are naturally survivors, and if learning how to use cryptocurrencies makes this much easy, trust me they/we shall learn.

But as things stand, crypto is more widely used in developing countries as most try to use it for cheaper remittances, bypassing the tax channels and last keeping their wealth under the radar unlike developed countries where regulation follows every dime and people operate by the book .

First of all, this would never happen so the problems you raise wouldn't happen either. As others have answered, I am also a crypto investor but I am not too optimistic that cryptocurrencies and bitcoin can dominate the world and completely replace fiat currencies. Cryptocurrency is attracting a lot of attention in the world because of the hype and innovation it brings. But that doesn't mean it will become huge and out of government control to dominate this world . After all, cryptocurrency is just a financial market that will also be regulated by governments and financial authorities.

I don't think that the whole world will be nominated in BTC. Humanity is not ready for it. However, it may be accepted as secondary means of payment

  The only thing permanent is change, mere things will continue to evolve/undergo changes, we are currently seeing the change in the automotive industry where cars are running with batteries not longer gas. This still fall under the change the world is currently experiencing. The financial sector wouldn’t be left out Bitcoin is seen as the future of the financial institutions if it’s finally gets adopted by the government. The many benefits of bitcoin, even makes it difficult for the government to get rid of it because among their cabal they still have people who still own bitcoin. Bitcoin is going mainstream and it’s awareness as be made publicly for the world to see. It will be really hard for the government to scrape it off. Bitcoin can only go if we the people don’t buy to it. But as long as we the people agree to and accept it is here to stay.
   Investors are moving to Bitcoin because of its decentralization and its potential impact it has to  the market. A lot of seminars and conferences have been held in favor of bitcoin so that people may have insight about what’s going on the space.  Some public functions are now paying using  bitcoin, personally I don’t see bitcoin or cryptocurrency being cancelled. Because of it high in demand plus being one of the most talked about projects for the past years now it’s makes it hard for government to sweep it under the carpet.

Cryptocurrencies may disrupt banking, causing job losses. It also creates IT, security, and crypto management jobs. The workforce must adapt and educate as industries change. The shift to a digital money system is shocking, especially for non-techies. Broad education and gradual integration are more important than a rapid change. Financial literacy is essential in the digital age.

Due of their volatility and complexity, developing countries should be skeptical about cryptocurrencies. These nations could benefit greatly from a decentralized currency, especially in financial inclusion and remittance expenses. Adoption, education, and infrastructure development are difficult to balance. Trust in any financial system (traditional or cryptocurrencies) is crucial. Some people distrust banks like your friends distrust cryptocurrency. Financial systems need openness, security, and user-friendliness to build trust.

You are making some pretty bold statements DanWalker.

You are suggesting that if governments cannot control money, then they have no purpose in existing, so the world as we know it cannot exist, and it seems to me that you are presuming too much in regards to governments having to be in control of money otherwise they cannot do their jobs of representing people or whatever it is that they are supposed to be doing versus what they actually do.

Personally, I believe that government can still exist without being in charge of printing and/or debasing the money, as seems to be their current and even historical practices, even maybe there had been times in which they debased it less or maybe sometimes they did not intend to debase the money, but it just happened as part of the process.. so maybe some of the spiraling debt system pickle that various governments are currently in was not completely their fault or intentional at all times, but many of us should recognize and appreciate that they are in a really shitty situation, even though maybe they can continue to prop up the current system for another 10-20 or even 50 years, but it seems that bitcoin provides a better system, in which it would be best to try to transition into whether we are talking on the individual level, institutions and/or governments.

Once governments transition into bitcoin, they will likely find themselves having different parameters and having to set up new ways of dealing with and interacting with people... and I don't claim  to know how the various systems are going to evolve, but I am surely not going to presume that government and bitcoin cannot exist in some kind of comfortable and/or stable state at the same time.

In my answer, did you see me say that the government is trying to eliminate bitcoin ? Or will bitcoin die and cease to exist? What I am trying to say is that bitcoin will not be able to completely replace fiat money and dominate the world. You are also hoping that bitcoin will be accepted by the government and thereby help bitcoin become popular , and become more powerful. It means you agree that bitcoin needs government help to become big . So do you think governments will let bitcoin take over and eliminate their fiat currency ? That's what I'm saying, bitcoin and fiat will exist side by side and bitcoin cannot replace or eliminate fiat.

Disagreed, it might happen, but it's still far from happening. You see, all that's happening right now in the world is banking. The banking system is the main reason why there's budgets for every country, why most businesses are running, and many things rely on banking. So in short, the banking system cannot be replaced. Don't get me wrong, I want bitcoin to be in the main stream, but consider, of course, the other things connected to it, for example, banking.


There's a process or right transition for everything. You only think about the negative side of bitcoin being the main stream or adopted; of course, before transitioning to crypto currency, there's a proper way for that. It can't be in an instant because, of course, it will create chaos and disorder. So before thinking of anything, think about how bitcoin will slowly but surely be adopted. There's a right process and step for everything.

If the bank falls behind in the development of information technology, it will surely suffer. Therefore nothing else potentially can stand for it. Moreover, Bitcoin has not just started its journey. Since its invention in 2009, it has been providing its services all over the world. It would be the right decision if banks don't think of Bitcoin as its formula but try to adapt themselves to it. Now what the bank will do will be entirely up to them.

A bank is generally an intermediary institution. People now understand how banks use their money to be profitable. Considering the benefits of Bitcoin, there is no problem in thinking of Bitcoin as their bank instead of a traditional bank. Generally, after depositing money in the bank, if it becomes bankrupt, who will take the responsibility? How much can a customer expect from a bankrupted bank? But since Bitcoin is under one's own control he doesn't have to pay any money but after a long time he can earn huge amount from it.

I see no cause for alarms. Crytop currencies or the almighty Bitcoin in the crytop space is not striving to take dominion over fiats rather it is stressing on to be globally accepted.
Remember the primarily potentiality of Bitcoin is to exchanges with the global fiats.
So this is why it is said they Bitcoin is not for everyone and you strictly doesn't have to impose forces on anyone to learn about the cryptocurrencies unless it is an alternative to a national fiat where it is necessary for anyone to be knowledgeable of it.

Well, it is completely wrong of you to have just focused only on the cons of our society adopting bitcoin and crypto in general to become the only legal tender, look at the benefits as well, you did realize that the benefit is much greater than you have ever imagined.

And besides, all the issues you made mention of, are ones without a solution, if the government is going to make bitcoin and crypto in general the only and acceptable legal tender, be rest assured that millions will be spent to teach people how to use crypto, and who needs a bank when they can be the custodian of their funds, but then, we know how lazy most people are in our societies today, so even if there is goin to be a crypto bank, the staffs will be well trained on how to managed customers funds effectively and efficiently.

So, I do not see any issue here that is without solution, if there is anything we pray for, is that bitcoin and crypto payments gets integrated into our payment system, crypto payment can co-exist with fiat payment for sure.

There is no crypto that's going to dominate the world, Bitcoin is the true store of value and if possible Ethereum also get bigger like Bitcoin they both aren't going to replace Fiat, these digital currencies are not created to replace money, they are just options for people that need them.

Either educated or not there will always be option to choose any payment solution, I believe that Fiat isn't going anywhere, even if digital future makes paper money feels old it can be replaced with another Fiat in digital form, that's it.

Crypto or digital currencies can't be forced on people to start using as day to day payment solutions, it's not a must for people to start using, if you want you can but you will need to find those that will accept it as medium of payment.

I think you are looking at the negative side too much, I think a group of people who don't know about crypto will definitely learn it because they have a need to live or support their families and they could potentially become experts in crypto, as long as they work hard and continue to broaden their knowledge, because All humans are the same as long as they are willing to learn and try. However, it is possible that negative sides will emerge, but personally I think I am optimistic that if that happens, everyone will definitely adapt.

and in my opinion, if crypto dominates the world, of course the governments of each country will also provide learning and insight about crypto for people who don't know much about crypto. So in my opinion, don't be confused about this, so you just need to think positively.

I think that bitcoin or cryptocurrency will develop rapidly in the future, but I think it will only be an alternative, so I think your concerns regarding the things you mentioned can be reduced. Apart from that, several things you need to know are that the government has complete control over the economic system in a country, so I think they will not let a decentralized system control them. Apart from that, the Bank will definitely make adaptations regarding this, so I think the unemployment you mean will probably not happen.
Apart from that, when cryptocurrency dominates, it doesn't mean that Fiat doesn't apply, I believe that fiat will still be the main transaction tool, so that people with backgrounds who find it difficult to understand technology can still use this transaction tool.

I agree with this. Government and Bitcoin’s decentralization already coexists, or isn’t it what is going on today? But if government was to adopt Bitcoin, the issue is that they will need control over it. In as much as it doesn’t sound well to me, I understand that this is their only way to track fraud, money laundering, etc. However, it depends on how the government chooses to adopt it, it is possible they ruin the purpose while doing. They can also somehow adopt it and we can still see the legacy of Bitcoin. But for a fact, the coexistence of government and Bitcoin is pretty possible.

Both developed and undeveloped countries will face this, as crypto is not their local currency, but they will only experience it earlier. When such incidents happen, they will get rid of it when they learn how the cryptocurrency works, and they will enjoy it more than the fiat currency. Since you know, when they think that cryptocurrency is the curse of what they are facing, it's because they don’t have the knowledge, but when they learn the skills to use it and how useful the crypto is, they will understand that it’s a blessing to them.


Normally, the reason why some people don’t trust banks is because banks have been playing with their funds, and the government is also the one controlling their funds, not them, which means they won’t get access to the money without another person knowing, so you will see that those people don’t believe in such acts. However, they don’t want to hand over their money to someone, and that is why they handle it on their own.


Those who do not believe in banks are the ones that will easily accept cryptocurrency, in my opinion, because when they tell them how freedom it’s and how they will be one to handle their funds without any third party, you know that is what they are avoiding, which stops them from depositing money in banks. I believe they will easily accept crypto when they are taught about it and told that their money will be in their custody without anyone knowing before they get access to it. That is what will motivate them to accept it.

 ???OP's question is like the bitcoin will become world currency in a blip and everyone who don't know about crypto and is not very educated will lost their job and become unemployed.
But it's not very easy to replace fiat or banks with crypto, if in future the world or government will make bitcoin legal tender than centralized banks and crypto will work simultaneously.
banks will not going to shutdown anytime in the future.

I don't believe Bitcoin or crypto will take over fiat as the world's major means of exchange but let's assume that happens, it won't happen overnight. It will take years for that to happen and in those years many people if not everybody will begin to adapt to the new system till it finally takes over.
I wasn't around then, but I'm certain that when paper money became a thing, it didn't just happen overnight. It happened over time. The same will be the case for Bitcoin. In the case of Bitcoin, it's digital, and not everybody in the world is digital, neither is every transaction digital, so first the whole world has to go digital before Bitcoin can stand a chance of taking over.


I think you're getting it all wrong.
Developing countries have a higher rate of unbanked people and this kind of pushes them to crypto. People in countries with less respect for human rights, poor political structure, poor economy, and low employment rates, People in the countries like US or the UK might go into crypto because it is an investment opportunity but people in third world countries might go into crypto because it's an opportunity to get away from their oppressors.
If you look at the list of top 20 countries with crypto activities, 13 of those countries are developing countries.
There's a reason China has so much crypto activity even though it was banned in the country.


It is for this same reason that people would go into Bitcoin. If they can't trust a centralized system, then they'll most likely prefer a decentralized system.

I mostly agree with you oktana, except I am having some difficulties with attempts to suggest exactly how much control that any government needs to have over something like bitcoin in order to attempt to establish various kinds of policing systems, and there are likely a variety of ways that fraud and money laundering can be tracked, but it does not necessarily mean that they have to have control over bitcoin in as much as they likely do not need to have control over people, even though there are ongoing inclinations to create systems in that direction, but the mere fact that systems are created in certain overbearing ways does not mean that it is the ONLY way to attempt to accomplish similar kinds of goals...

so maybe my point is not so much to attempt to get into figuring out exactly what kinds of systems are feasible and possible and functional along side bitcoin, but instead to at least acknowledge that both can exist, and there likely are going to be transitional periods in which earlier systems might look different from later systems... and bitcoin and fiat systems and government systems are ever changing, and even if bitcoin might end up absorbing a lot of the value of the various fiat systems, it could take 50 to 200 years to evolve into systems in which bitcoin might be considered the world reserve (settlement system), and surely there are knowns and there are unknowns, but there are also known unknowns and also unknown unknowns..so it is not like any of us could even have exact answers regarding what the balance between government and bitcoin might end up being...

In my earlier post, I mostly just wanted to point out that it seems quite implausible to come up with some kind of an assertion that bitcoin and government is incompatible.


Yeah, but OP was saying bitcoin was going to become a world currency not crypto.. and so even if OP was not very precise, he seemed to be putting his assertions mostly in the context of bitcoin rather than being overly vague about the matter. even though when we are referring to the future, there is likely going to be quite a bit of vagueness when we do not really know all of the factors.. but does that mean that we should make vague and meaningless assertions regarding some mythical role of crypto without giving it some kind of a bitcoin foundation?..

When you say crypto, what is crypto anyhow?  Does that expression mean much of anything unless you place it into some kind of a bitcoin context?, and if you are talking about bitcoin then why not say bitcoin at some point rather than using vague and imprecise language regarding how some kind of a supposed crypto has any kind of meaning without somehow figuring out how you consider the role of bitcoin to be within whatever it is that you might be saying...

and yeah, there are people with multi-coin views of the world that try to act like they have some kind of superior knowledge because they use vague language and there is an implication that some various coins (yet unknown) are going to be the systems of the future and maybe it is going to involve bitcoin and maybe it is not going involve bitcoin.  So they speak in generalities, but does that get us anywhere in terms of understanding what is being discussed?  

Op did not emphasize crypto, but instead seemed to be talking about bitcoin serving in a kind of dominant role, not some vague and non-specified and meaningless concept, aka crypto.


At least you did use the term bitcoin in this part of your response, and probably if we are hypothesizing about the potential disappearance of banking systems, there is going to need to be some ideas about what might replace them and how it might both be secure and able to serve some of the purposes of our current banks.. including that ongoingly there are going to likely continue to be some people who are going to need more hand-holding in terms of the ways that they manage their money, and surely many of the bitcoiners (and even shitcoiners too) have likely come to realize that several aspects of the banking systems are mechanisms of control, and surely there are several aspects of the masses who don't seem to mind being subjected to control as long as they also have ways to conveniently access their money... We cannot necessarily blame people for frequently not being able study the various tradeoffs of money since maybe they frequently will feel that they don't have enough money anyhow... so they are frequently spending time getting money rather than thinking about the various trade-offs that exist between current banking systems that they might use as compared with having to learn about bitcoin or maybe some shitcoin, if you believe that might be another avenue that people might consider as an option regarding the various ways that they might store value and transact their value for goods and services..or sometimes maybe in the context of something like remissions to send it to themselves and/or to others. maybe in other countries or maybe in the same country..

I think there will be no option but for the two to actually coexist. Before now, I think fraud and money laundering has been existing and even without the presence of Bitcoin and even the government themselves know this. Bitcoin has come to stay and I think the government knows this as the more effort they try to get rid of it the more the adoption becomes stronger. I believe it's only a matter of time as it's the only constant for things to change and it holds the final on the coexistence of the two. But just like you said, the coexistence has already begun just take the scenes in El Salvador for example.

Ethereum is far behind from the Bitcoin, as we have seen the bitcoin prices through which other coins have also more reactions but I didn't see other coins which ever changed their prices due to the upward movement of the Ethereum and due to its downward movement. But I can say only those token which may be in the chain of Ethereum has already changed their replacement and their prices many times.

Although bitcoin has its own way and its own system, the price of bitcoin is very and very high as compared to the Ethereum as it is difficult for the Ethereum to reach the price of Bitcoin but one thing I must say that we have to see for the market, as in crypto we can expect and anything can happen.

I think you approached the issue from a relatively limited point of view. We cannot assume that Bitcoin will spread throughout the world with these difficulties that you mentioned. We have the experience of El Salvador, which, although not perfectly successful, provides an example of the idea of establishing Bitcoin as a regulated exchange system, with the strong currency it provides (compared to the local currency) and a solid payment system.

OP, you are wrong, in my opinion. First of all, you must know that what you are even thinking can be very impossible in the sense that Bitcoin was not created to be centralized and regulated by any authority, and there is no way the Bitcoin you are talking about can reign over the whole world without being regulated by the government, and they cannot possibly be regulated because they are not the investors in Bitcoin like they invested Fiat cash. Another thing is that since Bitcoin is not stable (high volatility), they will not want to approve it worldwide.

Bitcoin is the head in the crypto world, and there is no way the government can even legalize any altcoin if not Bitcoin first. There is always regard for Bitcoin.

Secondly, @OP, even if what you said is possible, those who lack knowledge of Bitcoin, blockchain technology, and other cryptocurrency will definitely learn about the technology and its user case. The use of bitcoin or cryptocurrency is not very sophisticated. Even bank workers studied at the university for some years and archived their degrees; that's also how people will learn about whatever they need to know about blockchain technology. If necessary.

The growth of cryptocurrencies can easily create challenges and face serious problems in the future, including regulatory and ethical issues. You mentioned some messages in advance with respect to future events. If the whole world accepts then crypto currency or Bitcoin it will rule the whole world. If this is the case then those who are not aware of crypto currency or Bitcoin will be informed about Bitcoin through government process training. Currently, the unemployment rate in the world is already high. I don't think that there will be much variation in unemployment with the rise of crypto currency. But yes for many developing and underdeveloped countries it will be very difficult to handle such pressure. Since the number of bitcoins is fixed. It seems to me that various countries, especially developed countries, currently hold gold as the main reserve, and will prefer Bitcoin as a reserve. It is a matter of long time for crypto currency or Bitcoin to reach such a state.

Nopes you are thinking from a shallow reasoning. Banks will still exist but they will adapt to the new changes by also selling and buying bitcoin and they will even help those that can't keep their coins themselves to keep it in the bank. So if banks closed down because bitcoin has taken over, who will make it easy for people to have easy access to bitcoin, still the banks. It is always good one should upgrade with the latest technology and be flexible to adapt with changes because we like it or not changes must occur, it is something natural.

What shock, of adopting bitcoin? They will already be informed and probably be have been taught on how to go about it. This is because you must make daily spending and bitcoin is easy to learn on how to make transactions with. You should also know that it will be impossible for bitcoin to replace fiat. So it will become a matter of choice for any individual to chose either bitcoin or fiat for their daily spending. This means that everybody will be living their normal lives.


Bitcoin is more of a blessing than curse, which soon the whole world will realize this but it will be a gradual process.

Such people will be very happy to be their own bank by keeping their bitcoin in their self custodian wallet. Since bank is a centralized system but bitcoin is the opposite. This are the people that needs bitcoin most.

Fuck crypto, I think Bitcoin is what is being referred to here and although we can't deny the fact that there is a possibility of Bitcoin becoming globally accepted of which is just a small percent of you ask me but I believe we can't write out anything in the world of possiblity as I believe no one would have taught that Bitcoin would get this massive adoption and attention prior to the first time it was created.

I believe as Bitcoin continues to grow more person or government would have no option than to join the queue on the diversification of its use as the way El Salvador have done although it's still in testing phase but I believe this sends a statement that Bitcoin use and government is actually possible even if they don't accept to the phase of making it a legal tender, learning about it more to properly know the areas which they can benefit won't be a bad idea and this has also started with my nation that first posed a restriction on the use of Bitcoin, now that decision has been reviewed back and plans to start learning more on Blockchain technology has put in place by the government so as they can know the area of which they can all benefit mutually from Bitcoin tech. That's certainly a growing and big step up in terms of Bitcoin and it's relation also with government if you ask me .

Maybe not our generation or the generation before us but the future generation will surely understand the technology and knowledge behind Bitcoin. Bitcoin is for everyone but not everyone can use it. Ask me why. Because there are still people who do not know how to use a smartphone. How can you expect them to understand a complex thing such as Bitcoin? Imagine an old person just chilling at his farmhouse. Does he really need to understand Bitcoin at this age? Of course not, just let him enjoy his life and when he has lived his whole life, he will be gone.

This is why crypto and traditional currency should coexist. You cannot just come to people and force something to them. People are more comfortable using what they already know. Adding something additional to it will open up possibilities for people whether they want to use it or not. That way you get the best of the both worlds. And maybe day by day in the future More people will show interest in learning new technology like Bitcoin and only then we will see total adoption of it. Until that time comes, they both should coexist in order to make life easier.

I don’t know how best people will handle this but the truth be told that humans always have adaptive features and I’m sure everyone will also adapt to the change no matter how difficult the changes might seem and I also agree with the first commenter on your thread that bitcoin isn’t the first legal tender and yet people accepted it and vibed with fiat and if bitcoin comes to stay, everyone will still accept it no matter how difficult it might seem.

Yes, my dear friend, you are right that they consider Bitcoin a curse instead of a blessing. It's not on developing and underdeveloped countries; every person or country will fall into thinking of this catagory i.e., Bitcoin, as a curse who doesn't know what exactly Bitcoin is and how beneficial it is for us. Or the second is that he has come to his ego and he considers Bitcoin as cursed because Bitcoin has eliminated this fait currency or relieved this centralized ecosystem that is earning money for free as a third party.

So it means that these people have no answer as to why they think Bitcoin is cursed; rather, those people or countries are stubborn because of jealousy and envy. The reason for not adopting it is that by adopting it, the fait currency will end and decentralized implementation will occur, in which the powers will be chained from them and given to Bitcoin. The governments of these countries do not want their public assets to be seen as subordinate to them.

@Mr. Suevie, Don't get me quite off. I always used to say to myself that despite the fact that the governments of most countries are against Bitcoin and don't want it to be widely adopted by the citizens, that doesn't actually mean that some of those government officials are not investing in Bitcoin secretly. Of course, some of the government appointees, in one way or another, might be into Bitcoin secretly, but they don't want to make any effort to make Bitcoin a legal tender.

Bitcoin is a decentralized asset, and it was never created to become centralized. Currently, we know how many centralized exchanges out there and can't be compared to the decentralized exchange, and many new investors in Bitcoin are becoming more familiar with and feeling very secure with most of these centralized exchanges. Normally, you know that all those exchanges were given licenses of operation by the same government. So, don't you think that if the government decides to begin ceasing people's Bitcoin assets, they can possibly force those centralized exchanges to give them KYC details of customers  and the amount of Bitcoin they have purchased?

If such a situation begins to take place, and the government can begin to watch and monitor every user's Bitcoin wallet and the amount of transaction that is going on in it, then Bitcoin transactions will not really be that secure in the sense that if you make a withdrawal of any amount, the government will quickly know that you (Mr. Suevie) have withdrawn a certain amount from your wallet.

If things happen in such a manner, how can you not say that Bitcoin is now becoming like the traditional bank where the bank workers are aware of every bit of transaction you carry out on your account and whom you have sent that money to?

Quickly, let's still remind ourselves that Satoshi Nakamoto said he created Bitcoin for the purpose of removing financial control from the hands of financial elites, like banks or any traditional financial system, and placing financial control in the hands of common men and women so that they can carry out their transactions without the involvement of any third party or even without having to reveal their identity to anyone.

So, if the government decides and tries to make Bitcoin centralized by creating some Bitcoin system and they (the government) become aware of your wallet, how much Bitcoin you hold, and that of all Bitcoiners, it is not going to really make much sense to me, bro.

Well, like you said, I should not speak of something as never going to be impossible, yea, but making Bitcoin a legal tender world wide, then I am thinking that that's what will even make the government properly look at how they can control the space, since they can't access Bitcoin to make it centralized, then they will force the users to obey the rules that they are going to lay out, and it might be a very uncomfortable law that will not allow us to freely enjoy the use of Bitcoin and our investment.

If you ask me this question over and over again, my answer would be that, whether the government makes Bitcoin a legal tender or whether it is globally accepted or not, Bitcoin will keep growing and waxing wide, with different user cases. Bitcoin doesn't need to first be approved by the government or accepted worldwide before its adoption will keep increasing.

Since its creation, Bitcoin has lived for more than 10 years, yet its adoption keeps growing. Meanwhile, it's not even globally approved by all the governments, so do you think that the government needs to approve it before the adoption will continue?

Lastly, in my first comment, I was not talking about any other cryptocurrency, if not Bitcoin.

I don't see this is a valid reason because for me, having knowledge of Bitcoin is always free, with no requirements or even who are you, or what your status in life is, you can always have knowledge of Bitcoin, even the basics or cores.
It doesn't mean you can't own or buy Bitcoin, you cannot learn anymore what is Bitcoin as Bitcoin is not only for investment.

With Internet, flat world, globalization and more fortunately with open source projects, like Bitcoin, there are more free sources to learn. Nowadays, people don't have to go to schools, universities with expensive fees to learn many things.

Blockchain, Bitcoin can be learned with free sources, no money have to spend for those educational resources.
Bitcoin information & resources (https://www.lopp.net/bitcoin-information.html)
learnmeabitcoin.com (https://learnmeabitcoin.com/)
Awesome Bitcoin (https://github.com/igorbarinov/awesome-bitcoin)
Awesome Blockchains (https://github.com/openblockchains/awesome-blockchains)
Mastering Bitcoin (https://github.com/bitcoinbook/bitcoinbook)
Bitcoin for Beginners (https://www.youtube.com/watch?v=l1si5ZWLgy0&list=PLPQwGV1aLnTuN6kdNWlElfr2tzigB9Nnj)

Do you think the current government will allow that to happen? The banking system is still very much needed by humans because it is a government product which legally has been operating for so long and it is impossible for the government to destroy its function for any reason. If you think the whole world will become unemployed because they don't know about cryptocurrencies, then you have to learn more about how cryptocurrencies currently work.

At this point you give yourself the answer and the government does not see cryptocurrencies as a curse but they are afraid that this system can undermine the fiat challenge. So they will not allow the banking system to be paralyzed for these reasons caused by crypto when financial stability is problematic then the country will be on the verge of bankruptcy.

This has been happening for a long time and some people have never even deposited their money in the bank, but are banks experiencing setbacks? The presence of bitcoin, especially in the crypto space, is an alternative for those who do not believe in the banking system, besides bitcoin can store the value of the currency they own and bitcoin is also a system of financial freedom that can be managed by individuals independently without involving third parties. If they don't trust banks then invest in bitcoin because nothing is simpler when one understands how to invest in an asset that is able to maintain value.

I still want a world with only bitcoin without traditional currencies, but you are right. We cannot be that selfish because not everyone can afford to use cryptocurrency like us, especially people like our parents and grandparents. Our world is colorful and there are many generations living together so there are many choices, diversity is better than monopoly. Then people can choose what they feel most satisfied with. It is a fact that, no matter how strongly technology develops or how advanced cryptocurrency becomes, the ultimate goal is still to bring convenience and convenience to our lives. Therefore, having many options, and we can choose any solution as long as we feel satisfied, is what we should aim for. We should not be too exclusive and cause many disadvantages to others just to satisfy ourselves, we should not be so selfish. So I agree with you about a world where traditional currencies and crypto coexist.

even if the use of Bitcoin as a legal transaction tool other than fiat without having to eliminate fiat is already very good.
so there will be alternative means of payment that anyone can enjoy according to what they have. old people who don't understand technology can still use fiat. and young people who understand and can use Bitcoin better have Bitcoin as a transaction tool.
If such a pattern is implemented, I think it will be gradual when the generation change occurs. Indirectly it will also erode the use of traditional currency. when in the future more people use Bitcoin as a transaction tool.

I just want to ask: What were you thinking when you made this topic here in the forum? Well, to be honest, everything you said is just your assumption. This judgment you make is in agreement with what you can only think of as a downside.

What about the brighter side of Bitcoin? Will you forget or set it aside just like that? In Bitcoin's 14 years of existence, you still thought about that. From another angle, I understand you because not everyone is for this in the bitcoin business industry; it's just that simple to understand.

My point is that if our world had no government (leaders), we would be completely free and everyone would be equal. But that is also when the loss of control will happen and no one will follow any rules or laws anymore, the world will become chaotic. Regarding the government using bitcoin, I really don't believe that will happen, because they are managing and controlling us through fiat money. If they use bitcoin and completely eliminate fiat, how can they control us? So, to continue to maintain their existence, they need to have a tool that they can control.

I believe that the government will soon accept bitcoin, and bitcoin and fiat currencies will coexist side by side. But they will always find ways to limit it so that it does not go beyond their control.

what you estimate might not happen considering that the government and banking institutions have long worked together to make banks and fiat remain popular, and weaken cryptocurrency. moreover, not everyone understands or wants to adopt crypto as their payment and this makes it more difficult to be able to penetrate the wider community.

Your worry is not far fetch but it is still unlikely to happen right now because by the time those stuff happen, it is likely that there is a lot of people that already knows about bitcoin or even cryptocurrency. When there is more people that has an adequate knowledge on bitcoin or cryptocurrency then the more the adoption grows and when the adoption grows more then by that time we will probably see banks being decimated and becoming obsolete but the people are not that heavily affected because as I have said, the adoption is already widespread.

Let me also make additional comments. @Dr.Bitcoin_Strange has clearly stated in detail that even though Bitcoin is accepted in all countries of the world or not, it cannot shift the role of banks, banks will not die because we clearly know that banks control fiat currency, and I don't think governments and even countries will be as stupid as This makes Bitcoin the country's fixed currency, they will continue to use fiat currencies such as USD, Yuan, Yen, Rubber, Rupiah and so on. The reason is clear and has been explained by @Dr.Bitcoin_Strange previously, namely centralization. The realms of centralization and decentralization are very different and opposite, this certainly cannot be combined and used by the state.

Bitcoin will continue to develop and will have its own market focus, for example other alternative methods of payment or money transfer that are parallel to credit cards, master cards, wire transfers and so on, Bitcoin's development is only limited to that according to my observations.

If the problem is that there will be unemployment as discussed by the OP, industrial robots can also cause a lot of unemployment, but in fact they still require human power to supervise and run the robotic machines.
We need to remember, every technological development will definitely provide convenience, not add to problems. State officials must have thought about it and looked for other alternatives to maintain innovation.

I settle down to read every line of your comments and I do say that you are apparently right, however, I have in mind even before now that most government are investing in Bitcoin quietly and don't want others to know. (I can see you are a Nigerian, so let's talk about our government) more especially our Nigerian government, I have come in conclusion that the main reason why they didn't totally ban Bitcoin in our country is because they are also investing in it secretly, if they do ban Bitcoin totally they might find it difficult to invest, despite with the P2P transactions they will find it difficult to invest in Bitcoin, (I don't know how it will be difficult for them, but my instincts tell me so), they are scared to make Bitcoin so dem popular because they thought that Bitcoin will overcome the fiat currency and much people will not save their funds in the fiat banks anymore, just imagine if Bitcoin was legal in Nigeria during the cashless economy period (https://www.emerald.com/insight/content/doi/10.1108/JMLC-05-2023-0098/full/html), people wouldn't have suffered because of cash anymore rather they will just make sure that they convert there fiat currency into Bitcoin by clicking the buy button, and start making use of it, although most of the citizens wouldn't have the mind to risk their money, but a lot will do so because at that time, so many people will have no other options than to use Bitcoin.

As the world government can't control Bitcoin, it will be hard for the whole world to accept Bitcoin, but I have to say that Bitcoin doesn't need the whole world to accept it before it reaches where it will (hope you get my point?).

I totally agree with this. I want to say that Bitcoin never violates the backing system. Since banks control fiat money, Since fiat money will always exist, so banking system will also exist. We can not say Bitcoin will be the central currency of any particular country because Bitcoin is volatile and its value is always changing. Moreover, since it has no centralization. But we can accept it as a means of investment or payment. It is enough if we use the benefits that we get through it properly. I think it is not a big deal whether a country's government accepts it or not. What is important is the benefits that people can get from it. In the meantime, the governments of various countries have not officially accepted Bitcoin, but they are accepting Bitcoin personally. This is where Bitcoin has great strength.

All your aforementioned thoughts cannot be ignored but we can’t take all of them into account if eventually bitcoin will be used as the only currency for transactions. If the currency eventually becomes accepted globally, a lot of things will be put in place to make it simple to use and accessible to even the less educated. I have come to realise for every new innovation, it’ll take time for people to adopt to the change and when it becomes the only option to use, it becomes more faster for them to comprehend and explore its use.

You got that right. We will be gone one day and the next generation will keep on living in this world. The same goes with traditional currency and cryptocurrency. If we let both of them coexist, one day one will replace other. Old one will be gone, and the new one will take its place. That's how the whole world works. New things will replace the older ones.

We cannot just get rid of our previous generation and let everyone from this generation live. That is insane. We exist together unless our time will come and we will perish too. Having multiple options gives people the comfort to choose from any of them. People should be able to use whatever they are comfortable with. Not everyone is blessed with knowledge of everything. And the world with only Bitcoin may one day come for sure. But it's a long road.

I don't think Bitcoin will be the only currency used for transactions. Even if Bitcoin is accepted globally, there will still be alternative currencies. There are still less educated people who cannot withdraw their money through bank ATM card although it is a very convenient method but still they face difficulties in transferring or withdrawing money online.

Therefore, less educated people will face a lot of difficulties in Bitcoin transactions as one wrong transaction can damage their capital. The most important point is that you have no margin for error in making a wrong bitcoin transaction and you cannot get your bitcoins back. If Bitcoin becomes the only transaction option then educated people will not have any problem but what will the less educated people do?.I don't think it will be so easy for such people to understand the use and transaction of Bitcoin

You know what CONVENIENCE is? Having to go to a mall or a superstore and after getting what you need, you take out your phone scan a QR Code and just like Zap, your transaction is successful. What could be more convenient than that. The normal banking system has a lot of glitches that can really cause you lots of inconvenience either as an educated or an uneducated person, but globally legalizing Bitcoin would for sure fix those glitches. Due to the centralized nature of our regular banking system, trust that the government and the financial agencies will always enforce laws and easily manipulate the banking system to suit Their interest and always fall in their favor, but the presence of Bitcoin would for sure solve those glitches due to its decentralized nature. Why do you think the government and so called law makers are strictly against Bitcoin and are fighting tirelessly to give Bitcoin a bad image just so Bitcoin wouldn't be legalized.

On 26 January 2022, BBC reported that Criminals laundered $8.6bn (£6.4bn) of cryptocurrency in 2021, up by 30% from the previous year, said it was a report by blockchain data company Chainalysis, amongst other several reports. All for what? Just to give Bitcoin a bad name. So my question is, before the introduction of Bitcoin as a means of moving money around, has their not been several other reports of money laundering via fiat? So why make it a big deal or make it look like it's a disadvantage or a glitch in Bitcoin when long before Bitcoin was introduced we've had several reports. I think it's just preposterous and this whole parade about Bitcoin being evil is just because the fast rising of Bitcoin poses a great threat to them and is gradually making them loose total control of the economy.



There's no doubt that the Nigerian government are secretly investing in Bitcoin and uses Bitcoin as a means of moving money secretly, how then do you think the so called politicians move all the millions they loot. All the so called shitty crusade of making Bitcoin illegal are just mere formality, take for instance In June 2021 when Twitter was banned in Nigeria, some government officials were still reportedly seen making appearances on Twitter. LoL, the same lawmakers are the same people who break the laws.  in their dark circle, they all know the importance of Bitcoin, don't be surprised if they're the same persons who abuse the use of Bitcoin.

It is practically impossible to sweep away the fiat, the only thing is that it will depreciate in usage. As far fiat is concerned, it is still main means of transaction. Talking about global domination of bitcoins is a nightmare that may not happen in this generation even if there are news of it everywhere. Don't forget that as some people believe on bitcoin, others don't want to here about it. A lot of person are stereotype while others study the positive and negative effect of it to reach their own decision.  To be more realistic, how do you pay for product less than a dollar everytime you want to buy such things , especially children. Bitcoins dominance in today's world will not be base on usage as means of payment but mostly as means of investment and store of wealth and value when it is no longer as volatile as it is now.

the whole point of bitcoin is that it can be used without any third party bitcoin goes against the very purpose of banks and the government doesn’t like this, through btc the government won’t have as much control and won’t get to see everything in regards of their people’s financial situation


think about the older generations who might not be as enthusiastic as us when it comes to technology what more if we combine technology and something so common as money?

Bitcoin as a commodity, as an alternative payment, as a safe haven asset which is likened to gold but in digital form alone is Bitcoin's great strength to survive and exist. From here we know that Bitcoin's actions are at that limit and as a form of innovation for decentralization lovers, of course they also use and are very dependent on centralized systems (here fiat money and banks). Bitcoin appears to be a balance to the centralized system, Yin and Yang 😉

I agree with your thoughts, and not only governments are quietly investing in bitcoin, but people who talk bad about bitcoin like Warren Buffett or Jim Cramer, always say that bitcoin is trash and it will disappear soon as well is quietly investing in bitcoin. I also recently found interesting news about Warren Buffett. Warren Buffett's Berkshire Hathaway bought a stock and asked the SEC to let them keep the name of the stock private. Even though everything is still being kept secret, chances are I'm guessing it has something to do with bitcoin and cryptocurrency, otherwise there's no reason they would ask to keep it a secret.

We just need to understand one simple thing: the majority of poor people always have the mindset of helping each other overcome difficulties. But for rich people, they never want to share their rich cake with anyone. They don't want others to become rich like them, so never believe what they say but look at what they do. Their goal is to increase wealth so they will be willing to say anything to keep people away from wealth.

https://www.talkimg.com/images/2023/11/17/F6OTj.png
https://twitter.com/unusual_whales/status/1724769466821885976

Of course I agree with your point of view. Bitcoin is not regulated by governments around the world which is why governments around the world cannot control it. If this Bitcoin was controlled by a government then surely Bitcoin would run in a regulated manner. I am a Bangladeshi Bitcoin is still banned in my country. There are several reasons why Bitcoin is banned in my country, one of the reasons being that most people in my country don't know about Bitcoin. Also my country is not very developed as an underdeveloped country it is better not to legalize Bitcoin in this country. However, two MP(Member of Parliament) in my country's parliament spoke about the legitimacy of Bitcoin, but now no MPs speak about the legitimacy of Bitcoin. However, even though Bitcoin is not legal in this country, various government employees and thousands of young people who work in Bitcoin are using Bitcoin freely. As Bitcoin is not legal in my country, there is no problem administratively, but sometimes due to money laundering, some young people are brought under administrative control. Moreover, even though Bitcoin is not legal in my country, we are using it safely.

It’s not at all possible for Bitcoins to completely take over the fiat. The reason is very simple. Bitcoins are limited in numbers. Hence majority of the people consider it as a digital asset rather than any currency. Moreover due to the decentralised nature of the coin, it cannot be controlled, hence government will impose the traditional banking methods only. Moreover we are also in very early stage to think something like this. Let’s practically see things and let’s progress slowly.

I do understand that most people do not know where to classify bitcoin or let me say the difference between bitcoin and cryptocurrencies which always results in given the place of bitcoin to cryptocurrency, and yes I won't apportion any blame to those people who are interchanging the words or misinterpreting the knowledge of bitcoin to cryptocurrency.
Cryptocurrency most at times are all classified together including those shitcoin which are more volatile and riskier in terms of investment which might not know their future plan or a pre-proposed plan that would leads to the utility of such projects/tokens or even generalizing overall plans, that was why many cryptocurrencies today that was introduced 2 year to 8 years ago are no place to be founds till date excepts for few that  managed to survived those hard and dying times, at then I usually get most of the updates on twitter which is X and some of them on the local TV news...
... But in bitcoin words we can say the volatility doesn't still breaks down the purpose and the mission of bitcoin to reason it was created till date, people often term bitcoin to Cryptocurrency because that is their overall knowledge and exposure to how they knows and get information concerning bitcoin that is why we must go for knowledge to know what are venturing into.

I agree with your point of view on Bitcoin's regulation, or lack thereof, by governments. This brings up an important point about cryptocurrencies: they are not connected to standard financial systems. For countries like Bangladesh, this freedom is especially hard to handle, even though it sounds desirable. Its interesting that people are still using Bitcoin even though its been banned. Wonderful human

I can relate to what you said about people in less developed places. Education could make a big difference. Imagine that it were easier for people in Bangladesh to find information about cryptocurrencies. Informed decision-making could be improved by giving people more power. Money laundering and other problems with administration are real risks, but they also create chances for new rules to be made. Could Bangladesh create a new set of rules that recognizes Bitcoin's promise while also keeping it from being abused? Its possible that this method could lead to a more balanced and open-minded mindset about cryptocurrencies.

It is not up to you to clarify what someone else might have meant when they are using vague and meaningless language, but surely you can accept that people speak (write) with sloppiness if you like to live in a world in which people are either not clarifying what they mean or purposefully speaking in vaguenesses in order to mislead others.

Sure, sometimes whatever that person said may well have been sufficiently clear and/or unimportant, and sure sometimes their use of vague, meaningless and misleading language is due to inadvertance rather than purposefulness, but still it does not mean that any of us should accept such vagueness, even if you personally choose such course of action and/or choose to defend that others use such sloppiness in their speaking/writing.


Of course, there are a lot fewer damages when you clarify your terms and clarify what you mean when you use your crypto currency term or whatever term that you choose to use and however you choose to define it.. so part of the problem is resolved when you at least clarify what you mean by the term, even if others might not agree with your definition, they at least have some better ideas about what it is that you are trying to say.


Fair enough.. The nature of bitcoin is not affected regarding what it is called, but it is still nice to know what people mean, so if they throw out a term like "crypto" or "cryptocurrency" and they are talking about bitcoin, then why not just clarify bitcoin is what they are talking about, so if they use the term crypto, then we might not know if they are talking about bitcoin or something else... if they use the term crypto because they are talking about something.. maybe even including bitcoin in what they are talking about, it still seems better many of the times to say what it is that they are talking about rather than leaving it vague.. and sure sometimes there can be purposefulness in terms of leaving thing vague.. and in some contexts it might not make a difference.. but then if we are talking about public threads, then we have a whole bunch of potential people who might be reading such communications.. and not every one has time to be trying to get clarification, but I find it is a decently good thing to either attempt to clarify or at least to point out that what the person had posted has ambiguities and potential misleadingness contained therein.

Cryptocurrency is now getting acceptable and those who don't know yet will surely go towards learning about its characteristic because it is a reality that whenever new things come into use then people first start investigating about it then use their money for investment.

Those were the people of past were innocent who don't understand well but put money into anything but now age is modern and also people are modified according to era so they will not think bitcoin as a curse but they will realize its benefits. Like you have seen that instead of having strict regulations in some country people are still buying more and more bitcoin because they know that a day will come when their country will accept bitcoin so I think that it is will of everyone to be educated about bitcoin as they already know that importance of bitcoin.

The intention of Satoshi in creating bitcoin is not to take avenge or revenge on what you believe banks did to us (those you have lost to the banking system) rather it was for the simple purpose of financial freedom and free from central control by governments.
I don't think banks will be destroyed but it will have to adapt to the new technology and keep it activities if banks are going to be wiped out all over the world it will take years, this year's might be up to a centenary or more or less. Though the disadvantages of banks over shadow the advantages but that should don't make anyone to forget the value it aided to human life.

That was a mistake by me and after knowing about it I corrected my saying here (https://bitcointalk.org/index.php?topic=5469521.msg63155608#msg63155608)
It was my typing mistake I was talking about bitcoin you can check further sentence, there I talked about "bitcoin, not "crypto".

Of course, banks have a lot of valuable aspects, which includes services to help people who might not be able to perform some of those on their own, and also systemic advantages too., and so you make a lot of good points in that bitcoin likely will inspire banks to become better versions of themselves, and sure maybe some of them will fall out of business, or maybe some will have to transform a lot, but I doubt that the services and/or advantages that they provide would completely disappear for a very long time, and people will be seeking various kinds of "trusted third-parties" for help with their finances, and sometimes the "trusted third-parties" will not be as necessary and/or helpful as people believe, and some times some of us who believe that we don't need trusted third parties, we will likely realize that we won't completely be able to "get rid of them" either...

or maybe we start to play into the idea of Fediments replacing banks. or variations of developments in which banks become smaller circles and familiar rather than anonymous, depersonalized and sometimes seemingly completely detached... sometimes todays banks seem like parasites and even engaging in deception, so surely there may be some kinds of banks and banking systems that become more bitcoin (and even Crypto - and/or shitcoins.. I am still not sure if there might actually exist a crypto that is not a shitcoin) friendly...

Maybe part of the reason that credit unions started to exist in the 70s and 80s and thereafter was to attempt to bring some community back into banking, but even quite a few of the credit unions have gotten corrupted over the years by traditional banking systems and some of the rules that they have to follow or maybe even some of their incentives that are pushed on them to pursue debt and not to have reserves are too contagious but realize that those kinds of debt laden (and gambling) systems are not solvent (nor responsible to the communities in which they should be serving). 

Responsiveness may well come when people are able to easily speak with their feet, so if their bank is not serving them, they can move their value to a bank (or a bank-like institution) that actually will serve them and will actually have reserves and will actually allow the person to withdraw their value (and/or their bitcoin) if they are not satisfied with the banking services that they are receiving for whatever it might be costing them to keep their value there.

Everything has a purpose the more people realize this the better. Most people who are hurt by the banking system and others who are involved the crypto world (especially here in the forum) has now over evaluated the presence of Bitcoin and/or shitcoins that they do not need this third parties, most for a selfish reason of not paying there dues for storing their money or should I say assets since it's not only money that is stored in the banks others especially the ones exposed to decentralization and/or involved in Bitcointalk (Bitcoin and shitcoins) are not even in reality not interested in third parties but just to build up the hype here in the forum as lovers of Bitcoin to get credits while in reality they patronize third parties more.  They don't realize the fact that some third-party will be needed one way or the other although it may not be banks but some kind of bank related services will be very much needed weather of the individual or institution.

If there will be some kind of bank that adopts Bitcoin I wonder how they will operate but the operation mode shouldn't be what thinking about cuz for everything has time accorded to it. when the time comes for firms that will operate with Bitcoin and or crypto in general there will surely be a way figured out.

when credit unions where created it some maybe started contradicting the aims of governments so inorder to still bring back their strong hold the corrupt banking system rules are being pushed to them to bring the power of control in. at these point most of the credit unions that are not strong enough to resist will have to partake inorder to remain valid.

Most times when ordinary citizens are cut up in this corrupt banking system they rather not speak because of the social status believing no matter how hard they try they voices can't be heard. Even when their banks aren't serving them they tend to remain shut than waste their time lamenting. when banks adapt to the paradigm then people will have option to either move their assets when their banks are not serving them as needed.

Since we don't know about the future we only speculate so for the current time being or in the nearest future (decades and/or more) co-existence might still be the situation but when a complete revolution may occur the faith of fiat might be less base on personal overview of the future. With what I have seen in the growth of tech money for children and the rest of it will not be a problem, from my observation comparing the past and the present then the present and the future it will surely be a different thing all the way in the future. If you want to truly see from my point of view watch some revolutionary movies and see how the future might look like and then search for movies from the late 80s and 90s that talks about this current stage we are now and you will be amazed to see that most of the revolutions are now happening or has happened already.
In a not shell Bitcoin dominance is still a speculate and/or prediction no one know the future.

I apparently observed that what he or she was talking about is situated now (current/present day) and not the future while you capitalized in future so the misunderstanding is from future and now. currently some people can't use the ATM machines and that's not because they're not educated or illiterate but because most where not brought up from tech exposed society or villages so it still hard for the to comprehend the paradigm. but for tech and/or civilized societies using this techs might be convenient enough cuz but kids are literally in used o modern tools.

Nigeria is of one the top countries in Africa that has the highest number of users of Bitcoin technology or Blockchain tech, the governments of nigeria may or may not be investing in Bitcoin your thoughts are mere assumption. your assumption that Nigeria politicians use Bitcoin to move the money laundered has to evidence or solid fact but although we all know how corrupt the Nigeria government is but doesn't warrant your conclusion that Bitcoin is their source of moving money laundered. 

The worst thing that can happen to people who discover Bitcoin but lack knowledge is to get fooled into investing in shitcoins, thus missing out on their chance at financial freedom and being early to this new paradigm when Bitcoin continues to provide the world real value.

I think majority know this that it was due and bound to happen and we all have Satoshi to thank for the brilliant idea. Bitcoin in it's original core like you said was meant to aid the whole system of central control of the public funds and help evaluate the idea of financial purpose and indeed it has and like every good project more idea and use always comes with it and this has also been the case of Bitcoin itself as the use of Bitcoin has been greatly diverse into an investment purpose and this has made Bitcoin superb in it's adoption. Bitcoin is an evolution in working progress and it will take some time to actually overtake the whole Rocker fellers central bank system but even if it doesn't really meet that goal, it's still very beneficial and one thing about evolution, it's doesn't really happen overnight.

Exactly getting involved with shitcoins is the biggest mistake anyone can make in venturing into the crypto spaces, hence seeing themselves as early investors that will reap the fruit of a shitcoin.
While the real deal keeps appreciating and performing it's expected task and more which is offering financial freedom.
People who get involved with this shitcoins usually see themselves as to be in the position of hitting up a jackpot when this shitcoins raises believing that it was the same way Bitcoin started before it got to such a price and now they too have a chance of become rich with this shitcoins that are not in anyway to be compared to Bitcoin.
Knowledge as said by the wise men is the biggest weapon a man can get because it will provide you with a ground of success, just for have a good knowledge of what your getting involved with you will not fall for traps that glitters as gold.
I feel pity for anyone that has the believe of shitcoins and comparing to a paradigm itself.

It may not be possible for Bitcoin to completely take over the fiat for now but might be possible in future, if Bitcoin as a paradigm could be possibly launched with such revolution that it has brought then it might be possible to be the one of the currencies in future but the fact is Bitcoin originally wasn't created to take over fiat or to be in competition with fiat but rather to provide financial freedom and free people from governmental central control or manipulation.
though some people might just consider Bitcoin a digital asset but Bitcoin is not just a digital asset, it could be a digital asset to anyone who feels it that way because of its limited number but there are lot of features it holds if properly examine that makes it not just a digital asset but a paradigm shift. bitcoin is uncontrollable by any government and it's doesn't make it certain since it can't be controlled government will have to introduce traditional banking system rather the existing traditional banks will have to adopt Bitcoin and/or cryptocurrencies including shitcoins. in the case where they can't afford to adopt then such banks may die of or run out of business as earlier said by JayJuanGee.

In reference to bitcoin as a paradigm shifting technology, you (Churchillvv) are not wrong about anything that you seem to be saying, but it might be helpful to try to flesh out what you are saying a bit better, but surely you are on the right track.. and maybe talking about paradigm shifting cannot completely capture all of the special things about bitcoin, but it surely puts bitcoin in a category that is quite difficult to proclaim any of the shitcoins are fitting into a similar kind of category.

So for example ethereum and some of the other supposedly high market cap coins like to compare themselves to bitcoin as if they were similar to bitcoin (but different in some interesting ways.. blah blah blah) or they are better in better than bitcoin because of x, y or z reasons, and even though an overwhelming majority of them are distracting scams because they are frequently trying to print money and enrich the founders rather than really serving any meaningful purpose, and perhaps some of them do find some interesting and potentially meaningful purposes, such as Ethereum and some ofthe ethereum imitators abilities to empower people in the somewhat more user-friendly ways of writing, developing and promoting software that is largely just meant to enrich the founders rather than either providing some kind of service or being genuine in their claims of what they are going to do in the future. 

These various shitcoins and projects can still out-perform bitcoin for various short periods of time, and could even have very extended periods of outperforming bitcoin and maybe some of what they might be doing would be to attempt to support status quo systems and to undermine bitcoin, while stating that they are doing other supposedly good-for-society types lf things, but they may well be just being used to attack the robustness of bitcoin.

So, a paradigm-shifting technology, such as bitcoin, ended up radically transforming the ways in which we can both communicate information, and to be able to attach monetary value upon such information (whether it is transmitted or just held in storage), and even though several POW coins were attempting to replicate various aspects of bitcoin, they still would need to attract mining power to go over to them, so earlier in bitcoin's growth, it was likely more vulnerable to potential diversions of mining power and resources over to some other POW coin, and at the same time, bitcoin is not completely immuned to such attacks to split the network and to confuse incentives in regards to which is the "real bitcoin," or which of the forks will end up winning the sound money proposition - if there is a kind of assumption that it is difficult to maintain two, unless they might be very close to equal... which did not seem to be the case in the block-size wars of 2017 and even a variety of potentially competing forks that so far all ended up failing pretty spectacularly, even though it took a few years for a couple of the greater competitors of Bcash (BCH) and Bcash SV (BSV) to really show themselves as almost completely worthless, even though they still exist as kind of zombie coins that hope to someday recover like a phoenix from the ashes, and they are currently sold/marketed to the public as potential insurance against BTC's failure and sometimes get funding based on their ongoing claims of being "the real bitcoin."  So, sure there can be several ways of potentially dividing ideas and perceptions of what bitcoin is and where its value lies, that may cause some folks to hedge or even to pursue shitcoins that are proof of stake or even forks of BTC (which could also happen again in the future).

In essence the various shitcoins have not shifted any paradigm in any way that is even close to as meaningful that bitcoin has brought to the world, and likely for any kind of new technology to displace any incumbent, it has to be around 10x or more better than any of its competitors, and bitcoin has a lot of use cases that currently show that it is likely more than 10x better than many existing technologies, whether we are referring to how value is transmitted (internationally or even locally), storage of value like gold, fiat money that robs from the people based on it not really being pegged to anything in any strict way, except for some of the whims that politicians or financial folks or status quo rich folks want to either preserve themselves in the system or to prevent great corrections that are healthy for the system, but then if the corruption of continuing to print the money exists, it gets more and more difficult to allow a real and meaningful correction to play out. 

There are several other ways that bitcoin provides great empowerment to the system - and even a kind of parrallel system, and even though bitcoin is paradigm-shifting, it is not guaranteed to succeed, so in those kinds of regards it is likely better to stay invested in both systems, and surely if you really feel that you understand bitcoin, you might overly invest into the bitcoin system, but you don't necessarily want to overly invest into bitcoin in such a hard way that you are not able to survive if some things happen in which bitcoin has heavily, intensive and long correction periods and if you have not prepared yourself for a variety of situations, and a lot of the preparations are likely related to both you position size and making sure to have a decent amount of your bitcoin value in private locations that are completely in your control and/or shared custody with people who you trust not to screw you over..

..and you do not have to have all your private coins in one location, because even if you have given information to family members about how to get at your coins, you might choose to make some of those systems unable to breach absent your death and/or incapacitation.. which surely those kinds of protections are frequently easier said than done... but bitcoin systems are still building and evolving and likely any of us who are building our bitcoin stashes, we need to ongoingly spending some time to watch developments and make sure that our systems of private storage are sufficiently robust, and maybe even 10x to 100x more robust than seemingly necessary since sometimes the BTC price might shoot up by a lot all at once, and maybe someone who might have had 21 BTC on his/her phone (or some other hotwallet) in 2015 (which would have had a value of $5,250 - based on a then price per coin of $250),. but then by the end of 2017, those same 21 Bitcoins would have been worth close to $413k - based on a then price per coin of $19,666). And sure, that was a large and fast increase in value that could have had caused some of the HODLers holding their coins in places less secure than they should have had been, and also some of the coins might have also been held with 3rd parties which is not safe to have all your coins in such third party custody, even though you might decide to keep up to 30% or 40% of your coins with 3rd party custody.. and so each person has to decide those 3rd party custody matters, including how many people either got robbed of their coins or their coins were frozen for long periods of time, whether we are referring to MTGOX in 2014, or the various failures of several third parties in 2022 and perhaps continuing... including but not limited to Terra/Luna, Celsius, Voyager, BlockFi, 3AC, FTX, Gemini earn, Genesis, and Grayscale (BGTC).   

The popularity of cryptocurrencies is growing rapidly and it is likely that it will replace banks in the future.

 I don't think this will happen immediately. It will take some time for people to accept cryptocurrency as an official payment method.

As cryptocurrency adoption increases, banks will need to adapt. They can do this by offering crypto-based services, such as crypto wallets and crypto payments.

If banks do not adapt, they could be devastated and become obsolete. However, I think this will be a gradual process.

The banking system has disappointed people in many ways. In the last economic crisis, the banks were bailed out with taxpayer money, and we were left with that money. This is unfair, and it shows that banks do not value people. We gave them a chance, but they abused our trust. It's time to let them take care of themselves. We will not forget what they did, and we will not give them a second chance.

bitcoin will never overtake bank, because now it is hard to predict that bitcoin will be adopt all of the country in future,
banking system is very strong, economically a country is managed through banks without it a state is immobilized,
so still people's have to trust their traditional bank, but i am not saying  that bank is completely secured,

Sometimes wanting to introduce bitcoin, systems, concepts to lay people is still difficult and they almost don't believe the concept after it is explained. I told my friends the same age as my parents, that they believed from the start that they only knew fiat money. only young people believe because the version of the modern world has changed. Until now, young people in my area can get to know bitcoin and crypto

This does not make a whole hell of a lot of sense.

The system is fairly complex, and it is likely that a lot of people are going to have to figure out various ways transition into bitcoin, and surely there is ONLY about 1% or so of the world's population that has any meaningful level of bitcoin, so are you considering just to completely drop bitcoin and go 100% bitcoin..

That's ridiculous, even though I don't disagree with ideas of protecting ourselves, safeguarding ourselves, and comparing various options including sometimes if we are paid in dollars we spend the dollars first, but that does not necessarily tell us very much how to approach specifics, yet an overwhelming number of normies are not going to be in a position to transition in to bitcoin either 100% or even high concentrations of net worth in bitcoin.  

First things first is getting off zero, and then building a bitcoin position, and it could take years, years and years before someone has built a large enough BTC stash that s./he has more options in bitcoin and might be able to "just say no" to banks.. but even that is a bit pie in the sky including people that we likely interact with too.. some will want to interact in dollars, and maybe more and more will be ready, willing and able to move some of their value into bitcoin in order that circular economies in bitcoin might become more practical and in practice rather than theories that are not realistic if we live in communities in which we ONLY know a few people who accept and/or transact in bitcoin, versus if we know where to buy our various products and services in bitcoin, we are likely going to be more empowered by those kinds of direct interactions to the extent that normies even know how to directly transact in bitcoin and/or in lightning and/or in other bitcoin - pegged products.. I am not really referring to any shitcoins in this regard, but sometimes bitcoiners might need to figure out if there might be abilities to transact in shitcoins and not in bitcoin.. or if bitcoin remains one of the available options.


You are not really saying much, and you don't even seem to be attempting to grapple with the questions and/or several of the problems that bitcoin is capable of resolving (or at least addressing and providing alternatives / other transactions and/or storage of value options) .


Fuck crypto.. Get to know bitcoin first, and surely even within the ideas of studying bitcoin first, there might be some circumstances in which shitcoins come up and some circumstances in which shitcoins might be used in some given area,  but try to stay focused mostly on bitcoin instead of letting yourself get distracted into shitcoins or even feeling like you need to say "bitcoin and crypto," when it is not necessary.  Focus on what is happening with bitcoin, and if their happens to be some various shitcoins in your area or relevant to whatever you are talking about, then surely you might acknowledge such happenings and/or even point out what is going on with the shitcoins, whether it is even important at all beyond just mentioning that some people are involved in x, y and/or z shitcoins for this that or some other purpose.. if you actually see it on the ground rather than hearing about crypto and thinking that it is important to mention crypto just to sound like you are smarter because you are not bitcoin exclusive.. which surely is dumb in and of itself, even though any of us can here a lot of seemingly smart people talk with such loosey goosey language and acting like they know what they are talking about when they likely do not... especially if they use the term crypto without some kind of a proper reference as to why it is being used, discussed or put at the side of topics in which we are talking about bitcoin.

Like I have said before Bitcoin and other cryptocurrencies (shitcoins) are not in competition with with  traditional banks but are only here to offer a well cherish services with is elevator from centre control from government and the manipulation of monetary policies of the government, base on your assumption cryptocurrencies might replace banks in future is not correct or might be correct in some point but their is a big difference between banks and fiat or printed money, banks are the third-parties with hand and administer fiats but not fiat it self cryptocurrencies as you said could replace fist in future which we may not witness because it might take a centenary, even with this current improvement in adoption of Bitcoin and other shitcoins or crypto assets it doesn't mean third-parties won't be need in future rather it will require a trust system that will likely be an individual or institutions that are not completely detached, which means people will prefer to have a face to face or personal contact with their third-parties instead of the current operation of the traditional banks which is completely detached.

though banks may have betrayed the trust which was and is entrusted/beckoned on them but we cannot for some reason disregard or undermine the helps which banks had rendered. The purpose of Bitcoin is not to revenge what do ever that banks may have cost people, Satoshi created Bitcoin to free people from central control of the government and set financial freedom to all and not to take avenge or revenge on the banks.
In my opinion saying we will not give them a second chance sounds like we (you and whoever thinks in this same manner)  are in a competition with the banks, Bitcoin is not in any competition with banks, it's only fulfilling it goals whis is to freedom from government manipulation.

Your statement maybe considered void or should I say not correct.
Bitcoin is gradually being accepted globally, have you checked out the statistics of Bitcoin? or the performance of Bitcoin in recent times? you really have to check out some things and find out yourself. With the way you sound it seems you do not really read alot because the banks in which you support is just made up to have everyone in the hand of some f***kup minded people who only protect themselves from coming down from. the position which the assume or are afraid of people becoming rich as they are, the government which is in control of the the country is only using the banks to have everything being manipulated in their favour. How many people trust their banks? haven't you seen people panic as a result of the banking system policies? the current situation of people still patronizing the traditional banks are mostly because they have no choice for the time being, imagine when people begin to handle they without control do you think banks will have much costumers to serve? most of this banks are still in business cause the are no much option yet. traditional banks are tools used by monetary agencies of a state to control the lives of their citizens, I believe that is the exact reason Bitcoin has be initiated to free people from this set of people that manipulates the I've of people. Bitcoin is decentralized currency that allows everyone to have absolutely control of their funds.

Bitcoin is not only understood by young people mate, it depends on your view or the area which you are located. there are lots of people here in this forum whom are advanced of age but are well acquainted with the know of Bitcoin, e.g @philipma1957 , @The Sceptical Chymist, @Jet Cash etc this all advanced people by age but are well and far aquatinted with this Bitcoin knowledge, there is absolutely nobody who can't understand but because of the level of there exposure has reduce the understanding in them but concluding that only young people can understand Bitcoin is absolutely wrong.

Bitcoin has solved the math, and in addition, solved the central controlling overbearing nature of the financial system. Most importantly, the blockchain technology it brought into the financial system is the main reason why people adopt and appreciate it as it's revolutionary. And of course, Bitcoin itself is a currency, so it was obvious that after the right acceptability and adoption, it would be inculcated into the financial system which is what we see now. Bitcoin is capable of doing what every other currency is capable of doing, also on its own, it has the addition of privacy and anonymity which makes it unique.

Additionally, what I believe Satoshi realized and solved which people seldom talk about is the disparity of payment systems among nations of the world. You might not know, but the top world countries were the ones enjoying most of the payment gateways before now, they were disenfranchising others for the reason best known to them. But Bitcoin solved the issues and we are equal before it. What the person in the USA could do with their coins is exactly what any person in the poorest country could do with their coins. This removes sidelining and favouritism, but people do not often say this even though it's mostly appreciated and has solved a whole lot in poor countries.

Even though I agree with the idea of bitcoin as an equalizing force, yet status quo rich people, institutions and countries have advantages to acquire more bitcoin than status quo poor people, institutions and countries.  At the same time, the status quo poor  may well end up seeing the advantages and/or their ability to prosper by getting involved in bitcoin earlier, which is part of the justification why there is likely going to be some ongoing wealth redistribution that comes through bitcoin and for those who identify getting involved in bitcoin earlier and who are able to accumulate bitcoin without necessarily losing too much of it along the way.

It takes patience in teaching about Bitcoin to people who don't understand anything about Bitcoin, because if in our delivery we don't make them interested, of course they won't listen or even respond to what we have explained to them, but if we introduce it to those who do have The desire to know about Bitcoin will certainly be easier for us to convey it, so it will be better for us to convey it to those who don't respond well to what we have conveyed.

We don't need to explain in detail because they won't want to learn about this. and for those who want to learn it, we can teach it and guide them until they really understand Bitcoin well.

Put differently, the so called status quo rich people for this reason of Bitcoin tending to be an equalizing force wouldn't likely let the status quo poor people reach their social status hence they work with the government or are the government itself, inorder to maintain the central control idea which Bitcoin oppose.
The concept of Bitcoin seems to be an attack to the social strata that has been in operation, when this status quo poor people end up seeing the advantages of Bitcoin and get involved & thereby prosper, then the social mobility is powered the government tends to be freightened by the speed in which the status will change and hence will use the banks and governments to manipulate them.
They believe when this status quo poor people get some level of exposure as a result of being elevated with Bitcoin, there will be a fight back because they may have enjoyed freedom and wouldn't likely go back to being manipulated. this is a major issue surrounded around the fight against Bitcoin, since they may not be able to make it open they have to use some covers like KYC etc as a welcome development to still initiate the central authority idea.

In as much I understand the perspective in which you are speaking from I will say most people who don't understand the concept of Bitcoin are mostly from remote areas or rural/under development environment because they may lack exposure to technology at the moment but when trying to enlighten them about Bitcoin one must not be in a haste because it may be misunderstood and then seems to them to be a scam but when you put in some effort understanding the type of things in which this people understand then relate Bitcoin to what they value or understand better it will be easier to convey your message faster.
Empathetically, if I have to be in their shoes I would love to see evidence that shows that something like Bitcoin truly exist either by the results of it in the life of the conveyor or something else but you wouldn't expect people from some interior underdeveloped areas to just believe what you convey.
So it more advisable to only educate those indicate interest and when changes occur in the life's of this people you can make reference to them then it will be easier to penetrate the hearts of people who may not understand Bitcoin at the moment.

No matter what we think or say about them, we are going to need both fiat currencies and banks until Bitcoin is usable more as a currency or a payment method than an investment asset because we have no choice. We love Bitcoin, and we want it to stay around forever and keep serving the properties that it has to us but we also can't deny the fact that we currently need money, in our local currencies, to be used for our expenses since Bitcoin isn't accepted everywhere in the world right now.

So, the rage and the hatred towards banks and traditional financial institutions are all useless for now because whether we accept it or not, we are all using them for our daily needs at the moment, and I believe we should wait for the time when we can finally say that we don't need their services at all and then say whatever we want about them and that will be fair and have no hypocrisy from our side at all.

As of now, we need to utilize banks because Bitcoin is not yet legalized in all the countries over the world. I didn't hate banks but I can't deny that most of them are profiting from people's money. However, banks is a guarantee that your money are secured with them than to carry it by yourself. The disadvantage I see in Banks is the ROI, it is very low while with Bitcoin it can possibly be doubled within a year and you can guarantee that your funds are safe if you keep your key in a safe place.

In as much as I agree with you that traditional banks and it's services are currently important, I also will want to  know you that the hatred for financial institutions here in the forum has created an illusion that this traditional banks are absolutely useless or it services are not important which is wrong but I will definitely not dispute the fact that they really offered alot of help as third parties in our various countries and life in general though they may have lost trust but still doesn't warrant the absolutely hatred on them.

The governments uses this banks a means to control the entire operation of citizens that is exactly where there is slack in the banking system but cryptocurrencies (Bitcoin and shitcoins) are here to fell up this gaps that banks has open in the hearts of citizens to elevate us from central control of the government and set financial freedom to all who grabs the opportunity.

Banks will only be less useful in future and this future may be centenary or more because it will take alot of time to reach the point which banks won't be needed. maybe it will still be needed but in a different manner, maybe it will require people to have contact with their third parties not the completely detached institutions that operate now. for the fact that this future is not yet here we don't need to overemphasize on the hatred but can grab the opportunity that bitcoin has brought to our table.

In terms of application, Bitcoin will find it difficult to replace all fiat currencies. Bitcoin is a financial innovation that has several advantages over the existing financial system.  It was not intended to completely replace fiat currency, but rather to give an alternative.

Bitcoin, like the Internet, is a revolutionary innovation that offers new ways of existence... however, while the Internet is widely recognized, not everyone in the world has access to it and is surviving.

So, don't let your fear of change lead you to assume that Bitcoin will reduce employment opportunities, because Bitcoin has generated and will continue to create many jobs.

Theres no doubt that the forum dislike the standard banking , but it could be getting in the way of a balanced view. Even though banks have problems, they have been very important in creating our economy. They make deals easier and keep the economy going, but they also let the government keep an eye on things, which is an important point that we cant miss.

Crypto promise financial freedom by breaking away from centralized control in a new way. Can they completely take the place of banks? Not likely in the next few days (months or even years). At this point, they play a more supporting role, filling in the gaps left by traditional banking systems. For example, Bitcoin gives us more control over our money, but it also has some problems, like instability, unsure rules, and so on.

So, Bitcoin should be seen as a way to give people more power, not as a full-on solution to replace banks. We should focus on using its strengths while also being aware of its weaknesses and the fact that standard banking systems will still be needed in the future.

i also think it depends a lot on how we teach bitcoin in my case i have encountered cryptocurrency two times the first time no one really explained to me what was cryptocurrency or what was bitcoin they just pushed me into the world of crypto and told me to do this and that which made me lose interest i didn’t study much about it and everytime i have to look at a market i get bored and discouraged

but someone else patiently taught me about bitcoin carefully and in detail
they also introduced me to this forum which allowed me to study further about bitcoin specifically
seeing all the members of this forum made me realize the importance and the benefits of bitcoin because of the posts i read in here which really showed me the impact bitcoin has

yeah fiat wont be completely ruled out but people will end up given more value to bitcoin than to fiat and that is what is about to happen ans have even started in other places, like El Salvador that have allowed and accepted bitcoin has a ledger tender that is to show how that between will go and the government is putting in all effort to make it centralized, and i don't know why the government don't want to leave the system alone, and because of the financial advantage that bitcoin has that is why a lot of people are preferring investing in bitcoin than any other thing. and even before fiat gold was their and when the initiative of fiat came gold is still their so bitcoin is also consider an alternative with good benefits. and the change of bitcoin is getting better and the people are getting more interesting, if you have not buy your bitcoin now is the best opportunity.

And that is why it is important to read at least those posts that are meaningful and sharing important knowledge that we can absorb and extract.
Those that lack knowledge about Bitcoin, they are relying on themselves and that makes them think that they know a lot of things but in real, they don't.
That gives them to voice out their opinions and leading people wrongly because what they say are wrong and that's one result for having lack knowledge in Bitcoin.

If I were to base it on the title you made, the answer would be like this: when we enroll in a school, we don't study the lessons taught by the teacher. Do you think you can finish your education if you don't study what you should study? Can you learn anything if you don't learn and study anything?

It's the same with Bitcoin; we must learn and study it to know and discover how it has potential and how it can also provide an opportunity to every person who believes in this field of business. Do you get it?

It also depends on who catches it, whoever is critical enough with all sorts of advice from others, then there will be questions about where the knowledge and opinions come from and whether the opinion giver has the knowledge or not.
There will be references as proof that they learned it, Without any references they will only make up with their limited knowledge.

It's better to look stupid but still want to learn and admit that he still lacks knowledge, than to admit that he has a lot of knowledge but is actually just a boast.

Most of the time, these days, there are a lot of gullible people and even someone who lacks knowledge about Bitcoin becomes a genius on their eyes.
And that's why they believe what the little knowledge is being told to them but you're right, that it depends to the person that receives the information.
Because if they are critical enough to verify and check every information being told to them, they won't be as gullible as those people.

Mass exodus as what happened in 2018. People pulling out their ingestments never to return again after realizing that bitcoin’s not the “end all be all” money making machine that it was made to be. That or yet another price dump which bitcoin will slowly recover from but certainly something that it will suffer from for a good amount of time.

The good news is that there’s more information about bitcoin now more than ever, and of course, people are more informed and knowledgeable about bitcoin these days compared to uears prior. So at some levels you must lige under a rock or something for you to actually be this misinformed about bitcoin.

It all depends on their audience, if in general their audience is gullible people or those who still lack knowledge about Bitcoin and crypto, they are very easy to be deceived.

I've seen news stories about a group of people being scammed by fraudulent investments using the name Bitcoin.
They initially gave a class on how to double Bitcoin, how to trade for beginners, but in the end had to deposit some money to buy Bitcoin that would go into their account.

But in the end it's just a hoax that will take all their money.
This is how if ordinary people find the wrong mentor or influencer, they will easily be deceived by sweet promises of many benefits, but in the end will only be cheated and abandoned.

It's okay to be stupid but willing to learn and have a critical attitude, because that will be the first protector.
Don't easily believe what others say.

I have seen the same thing in different places and it's sad that there's just a lot of gullible people that are being roamed around by these fraud people.
While I understand that with all the stupidity that the gullible people does, well to be fair I am one of them before but experience have thought me toughly on this regard.

As a newbie, you will naturally have these kinds of thoughts. Just like your post title it shows you do not fully understand bitcoin, which is even more reason to be considering the drawbacks of using bitcoin as a worldwide payment method. After you have thoroughly researched bitcoin, I believe you will be able to respond to the majority of these inquiries on your own. When you compare its benefits and drawbacks, you will see that, once bitcoin is widely recognised as a form of payment, it will solve more issues than it will cause problems. Over time, individuals will eventually learn to overcome these challenges.  

When monetary and banking system was introduced in the early days it also posed a lots of challenges to people which most people find it difficult to understand and adapt to its usage but with time the majority of people fully understood it and it actually solved a lot of issues and made things more easier for people. If a virtual currency is used as a global currency it will gradually make the banking system irrelevant because it was designed to improve on the lapses of the banking system but bitcoin was designed so people will have total control over their money as banks have been a threat to people and their money. Bitcoin is designed to be used as an alternative form of payment.

When bitcoin is being used as a global currency people who do not have knowledge about will simply have to learn about because everyone else also learned about it and they will adapt to its usage gradually.

Remember that people hated fiat money when it was first introduced as well, but they eventually became used to it. The same will happen with bitcoin and other cryptocurrencies. Every new plan will undoubtedly be opposed by a certain percentage of people in life, but it shouldn't impede a new development that would benefit the majority. It is important to educate those who are ignorant about it about its significance.

That is why bitcoin and cryptocurrency is essential and this is one of the problems it solves. These set of people have issues trusting the banking system because they want privacy and so they prefer to save their money with themselves so they can have total freedom and control over their money. If this is the reason why they don’t believe in banks then they will have no problem using Bitcoin because was designed to give people the financial freedom they deserve.

Before these days that Bitcoin as the first crypto currency came in existence, there had been functionable means of the of the Fiats and people doesn't just have it a  choice of earning and luring with no doubts of its operational system.
The truth is that something already existing would only be valueless to the usage of people at when only a more better option is invented then doubts and and excuses began to come towards the formal existence.

This is exactly how Bitcoin has come to distabilize the fiat currency because the potential qualities of Bitcoin is beyond the utilization of the fiats.
Bitcoin could succeedingly surpassed the fiat as an exchange not only because it is a global accepted digital currency but also the potentialities to creating of wealths including its potentials to hodl a long-term and the short-term investment.

Bitcoin is indeed tenderly taking the fiats to exticrii

Most times the cause of such loss is usually as a result of greed, at the time this so called gullible people seek to venture into a new thing they usually want the best out of it instead of laying low or having patience to grow in knowledge gradually they hasten to be as successful as the icons which lead them to the paradigm. As such allowing themselves to be deceived by big promises which seems to be impossible to achieve yet they believe in it.
This greed usually leads to being in a haste to profit not just little but so big. you cannot invest in Bitcoin and expect a 10x profit in 24hrs or less as the frauds usually promises the gullible people that if you invest a $100 in less than 24hrs the expert trader will give a return of $500 - $1000. at this point even if someone genuinely tries to let them know the truth that Bitcoin is not a get rich quick scheme they usually don't believe.

it's sad but every adult is responsible for their decision. letting yourself get used is probably your fault because you fail to ask questions, like why can't you that promised this can of success make use of it yourself? and also forgot that nothing good comes easily. hope experience have done it's best on you. now.


This statement is quit wrong the forum doesn't dislike the bank but doesn't vibe with the activities of the traditional banks as a result of it serving as an agency and/or institution for control of the governments. the forum doesn't disregard or undermine the services which they render but fran at the outrageous cost of services which they render. you might be saying this from your subjective reality based on what you have read or seen people in the forum talked about traditional banks but is an illusion of hatred created by those who have lost to this traditional banks.

You are contradicting everything you have said, the problem itself is what you tag as help/solution which they offer. though banks makes things easy through fiat in the current situation of buying and selling since Bitcoin is not yet recognized currency in some countries but serving as an eye to the government is what I don't appreciate about traditional banks they create a scenerio where people can be manipulated by the government, by taking away their financial freedom which Satoshi created Bitcoin for to elevate people from central control of government.

Yes Bitcoin gives full control over our money which is was the aim/goal of satoshi in creating bitcoin. the volatility of Bitcoin is not a problem rather its another opportunity which most people like me and others are benefiting from right now by buying and holding for long term and profiting during the bull run.

Even though banks will be needed in future it won't be for the same reason the governments wanted it for, it will take a new shape either by adopting Bitcoin or being a face to face bank rather completely detached institutions as it is right now for people to have trust in them.


The truth is not everyone knows how to teach, some people just talk to you about things and let you find out the rest yourself but some may go into details to teach you gradually, step by step. this are the two categories of teachers. so the first person you introduce you to Bitcoin might be from the first category that only introduces the pupils to the matter or course and let them find out things themselves but the second you took time to put you through falls in the second category.

The first category of teaches always lead to discouragement sometimes but it makes their students learn fasted and harder, we can't expect everyone to be the same but congratulations you found the forum where have learnt alot just as I am learning right now.


Though Bitcoin has come a long way in helping both the status quo poor people and status quo rich people who saw the advantages of Bitcoin but in comparison to fiat as Bitcoin is taking a global acceptance it's not what digging too much about, in a far or near future Bitcoin will be a generally accepted currency both in the rural and urban areas but in the main time it's still going to work Vice Viz with fiat and banks are going to gradually adopt it to there system.

Bitcoin is undoubtedly a digital currency with a complete package.
But what is still a fear for users who do not fully understand Bitcoin is its high volatility, which causes rapid price fluctuations.
Their psychology will be spurred by these fluctuations, but for those who understand and understand, they will take advantage of these fluctuations to seek profit.

Fiat will not be like Bitcoin and vice versa, these two currencies have their own advantages and disadvantages.
Bitcoin and Fiat are currently still side by side, Bitcoin as an Optional Payment that can be chosen or not, while Fiat is the currency used in every transaction.
It also depends on how Bitcoin regulation is set, as there is a lot of adoption already done.

Using bitcoin does not have any  thing to do with developing or underdeveloped,  their is nothing complicated in sending and receiving bitcoin, one just need to understand the right wallet to use in hodling Bitcoin and to understand the volatility of the market. Bitcoin can be use irrespective of where one is. The most important thing about bitcoin is to just seek for knowledge,  if their is a good understanding of bitcoin you are good to go with it. Environment is not a factor for people not to use bitcoin properly.

There are benefits of cryptocurrency but if it legally get credit all over the world then there will be also some bad impacts on each and every country. It is human nature that they always prefer the job which is easy and they can do it from home therefore they will quite to go towards their offices and all types of business will be stoped.

Some old people still prefer banking system even they have complete knowledge of cryptocurrency because they know that banking system is more trusted than cryptocurrency payment. If cryptocurrency get credit then there is a probability that the negative thoughts about its diminishing will reduces. There is no age for earning through cryptocurrency so people will move towards earning and will leave all other activities that make them able to live a better life like that of education, government job etc.

High trust remains in the banking system compared to crypto wallets where a lot of scams happen which creates fear and uncertainties. Even me, I prefer to safely keep my funds in the banks rather than in online wallets because anytime, we can be a target of these hackers and lose our money instantly without any hope that we can take it back. And much more if we don't have knowledge about Bitcoin, about crypto wallets. Knowledge is very important in the crypto space, we can't just set it aside and think that we can do right without this as we gain confidence if we really know about what we are doing.

Even now, while the knowledge is still fresh and somewhat not a general knowledge to everyone, some financial officers who are working in some financial institutions are out of job. The reason is because they have refused to update their knowledge about all of this.

It is not news that finance is a very sensitive area in human existance and those exisiting there must exercise a degree of exposure to the latest innovations in the space.

That you pay deaf ears to emerging technologies doesn't exempt you from becoming a casualty.

OP, even though bitcoin dominate today banks will still exist, bitcoin was not even created to over rule other monetary policies, bitcoin serves as digital money and a means of aiding transaction process online, you must know that Bitcoin can not work without fiat because it is still digital money and it has not be made handy yet, there different institutions and firms that will not still accept bitcoin even though it dominated today, some countries will still prefer their traditional currency, there are some set of people that don't believe in bitcoin no matter what you tell them, they still prefer their usual their money to be kept in the bank even it is depreciating they don't care.